The S&P 500 and Nasdaq had fallen two straight weeks, yet a single Anthropic filing let tech retrace 1.69% in a day. Technology rose, but communication services fell 1.57%, with Meta (-1.88%) and Alphabet (-1.06%) lower, so within the same AI theme, infrastructure and chips smiled while platform companies faced funding or competitive scrutiny. It was also the day reports emerged that Meta wants to raise up to $95 billion through stock sales. WTI eased to about $101, but the 10-year yield stayed at 4.99%. This rebound came without the 5% yield ceiling being breached, so its durability hinges on this week's FOMC and Microsoft and Alphabet earnings. There is not enough evidence yet to say the downtrend has turned; we are confirming the bounce and stay neutral.
📊 Top Movers
🧭 Sector Performance
🇰🇷 Korean Investor Perspective
For Korean investors, Micron's 2.98% gain to $903.70 and Nvidia's 2.39% stand out first. The Anthropic filing put numbers on AI infrastructure spending and revived memory-demand expectations, a favorable signal for Samsung Electronics and SK Hynix. QQQ rose 1.11%, SPY 0.71% and the 3x leveraged TQQQ 3.23%, so leveraged products reacted most. USD/KRW slipped 0.76 won to 1,325.23, so the currency effect was negligible. With WTI near $101 and the 10-year yield close to 5%, leveraged products like TQQQ could see larger swings around this week's FOMC.
📊 Market Overview
On Monday, October 26, US stocks rebounded, led by tech, after Anthropic made its initial public offering (IPO) filing public. The Dow Jones Industrial Average gained 146.42 points (+0.28%) to 52,361.58, the S&P 500 rose 53.09 points (+0.70%) to 7,676.77, and the Nasdaq Composite climbed 214.04 points (+0.82%) to 26,169.38. Reports said the S&P 500 and Nasdaq had fallen two straight weeks, which makes the immediate rebound meaningful. The Nasdaq won back the 26,000 line it gave up Friday in a single day. The Russell 2000 rose 0.43% to 2,787.81 and the VIX fell 4.94% to 18.49.
Eight of 11 sectors rose. Technology (XLK) was strongest at +1.69%, followed by industrials at +1.42% and consumer discretionary at +1.03%. Communication services alone fell sharply, -1.57%, reflecting weakness in Meta (-1.88%) and Alphabet (-1.06%). Health care was flat at 0.00% and utilities at -0.02%. Consumer staples, which collapsed 1.92% on Friday, lost only 0.34%.
🔑 Key Issues
1. Anthropic IPO filing reignites the AI trade
After Anthropic made its S-1 public, AI and chip names rose together: Nvidia (+2.39%), Broadcom (+2.33%) and Micron (+2.98%). Per reports, the company plans to list under the ticker 'ANT'. Revenue for the six months through June was $16.3 billion, more than triple its full-year 2025 revenue of $4.6 billion. It spent $9 billion on AI infrastructure in the first half and posted an $80.7 billion net loss over the same period, mostly accounting charges. Two customers account for about one-fifth of revenue, and the filing also disclosed up to $120.5 billion in spending with SpaceX through 2029. The scale of the figures appears to have boosted expectations that AI infrastructure demand will continue.
2. Tesla +5.21% on Barclays upgrade
Tesla rose 5.21% to $391.62, second among our tracked stocks. Barclays reportedly upgraded it to Overweight and raised its price target to $450 from $370, citing a possible takeout premium from a combination with SpaceX. This is the broker's scenario, not a confirmed merger plan.
3. Semiconductors and software rise together
Arm led at +6.19% ($223.35), Intel rose 4.04% ($90.47), AMD 2.80% ($531.28), Qualcomm 2.10% and Snowflake 2.93%. We found no report explaining Arm's or Intel's individual gains. It looks like an industry-wide mood improvement after the Anthropic news, but we do not assert it. Separately, Lumentum was reported up about 10% after StoneX initiated coverage with a Buy and a $1,200 target.
4. Meta's funding plan and Microsoft's voluntary buyouts
Meta (-1.88%, $630.56) was weak on the day reports said it plans to raise up to $95 billion for AI infrastructure through common and preferred stock sales. Microsoft (+1.54%, $532.60) said it is offering voluntary buyouts to about 60,000 employees. Both are likely to be read alongside Wednesday's earnings.
5. Neocloud weakness
After Musk posted that neocloud firms face consolidation as SpaceX closed a $40 billion GPU deal, CoreWeave and Nebius reportedly fell premarket. Neither is on our tracking list, so we give no closing figures.
6. Single-stock losers: Verizon -3.49%, Merck -3.21%
Verizon (VZ) fell 3.49% to $43.10, the biggest decliner. It was scheduled to report earnings that day, but we found no source on the actual results or the reason for the price reaction. Merck (MRK) fell 3.21% to $140.61, and we found no report explaining it. Adobe (-1.97%) and UnitedHealth (-1.77%) were also weak.
7. Oil and yields
WTI fell 1.96% to $101.25. Reports said a Saudi defense minister's visit to Tehran weighed on oil, with Brent at roughly $110-112 a barrel. The 10-year Treasury yield was essentially unchanged at 4.99%. That it did not cross 5% seems to have allowed the risk-asset rebound, but no source says so directly.
📊 Sector Performance
| Sector | Change | Main driver |
|---|---|---|
| Technology | +1.69% | Nvidia +2.39%, Micron +2.98%, Broadcom +2.33% |
| Industrials | +1.42% | No specific driver found, Caterpillar +0.75% |
| Consumer Discretionary | +1.03% | Tesla +5.21% |
| Real Estate | +0.54% | No specific driver found |
| Energy | +0.45% | Exxon +0.73% despite WTI -1.96% |
| Financials | +0.21% | Goldman Sachs +2.01%, Morgan Stanley +2.23% |
| Materials | +0.14% | Roughly flat |
| Health Care | 0.00% | Merck -3.21%, UnitedHealth -1.77%, Lilly +0.45% |
| Utilities | -0.02% | Roughly flat |
| Consumer Staples | -0.34% | P&G -0.68% |
| Communication Services | -1.57% | Verizon -3.49%, Meta -1.88%, Alphabet -1.06% |
🌍 Global Markets
- Europe STOXX 600: Rose 0.77% to 640.66.
- US Dollar Index (DXY): Rose 0.19% to 102.00.
- US 10-year Treasury yield: Essentially unchanged at 4.99% on Yahoo's data.
- WTI crude: Fell 1.96% to $101.25.
- Gold: Rose 0.58% to $4,031.0.
- 2-year auction: The award yield was 4.708%, below September's 4.787%, and reports said the indirect bidder share, a gauge of foreign demand, was the lowest since November 2021.
🚀 SPCX (SpaceX) Update
SPCX fell 0.40% to $146.90, slightly weak in a rebounding market. There was plenty of SpaceX-related news, though. Reports said Anthropic's filing includes up to $120.5 billion in spending with SpaceX through 2029, and Musk said SpaceX closed a $40 billion GPU deal. Barclays also floated a possible combination with Tesla. That the stock still dipped may suggest much of this was already priced in, but we found no report that explains it directly.
⚠️ Investor Cautions
One day of gains does not show the trend has turned. Both indexes fell last week, the 10-year yield is still 4.99% and WTI remains above $100. The two pressure points, rates and oil, are unchanged while only tech has run ahead. Anthropic's IPO is only a filing; timing and pricing are not set, and the $80.7 billion net loss and customer concentration remain risks.
Single-stock swings are large too. The leveraged TQQQ rose 3.23% on the day but can fall by the same margin in the other direction. The FOMC and Microsoft and Alphabet earnings all land on Wednesday, so intraday volatility could rise. For declines with no known cause, such as Verizon and Merck, it is better not to act on guesses.
👁 What to Watch Next
The next session is Tuesday, October 27, the first day of the FOMC meeting.
- S&P 500 7,700: About 0.3% above the 7,676.77 close. Clearing it would pass the first resistance of the decline since mid-October. Support is Friday's close of 7,623.68.
- Nasdaq 26,000: Holding this line, regained at 26,169.38, will decide the quality of the rebound.
- Dow 52,500: About 0.3% above the 52,361.58 close, with 52,000 the support zone.
- 10-year at 5%: A move above 5% from 4.99% could pressure risk assets as on Friday.
- FOMC decision (October 28): Markets widely expect a hold. Former Fed Vice Chair Blinder expects a hawkish pause. The tone of the statement and press conference is the variable.
- Microsoft and Alphabet earnings (October 28, after the close): Check whether AI infrastructure expectations lifted by Anthropic carry through these results.
💡 Upcoming Events
- 2026-10-27 (Tue): FOMC meeting begins
- 2026-10-28 (Wed): FOMC rate decision, Microsoft and Alphabet earnings (after the close)
- 2026-10-29 (Thu): ECB policy decision
- 2026-11-03: US midterm elections
📚 Sources
- Stock Market Today (Oct. 26, 2026): Nasdaq, S&P 500 jump after Anthropic IPO announcement; Fed and earnings anticipation — TheStreet
- Stock market today: Dow, S&P 500, Nasdaq gain as Anthropic IPO buzz reignites AI trade ahead of busy tech earnings week — Yahoo Finance
- Doug's Daily Diary — Monday, October 26, 2026 — TheStreet Pro
- Musk predicts 'guppy-level death' as SpaceX closes $40B GPU deal — TheStreet